The table below shows some hypothetical data on the costs associated with the use of a liter of gasoline in a european country.
1. in euros, what is the private cost for an individual of a liter of gasoline in europe?
cost (euros)
cost of imported oil 0.5
cost of refining oil to gasoline 1
cost of distributing and selling gasoline 0.75
government taxes 2.5
cost of pollution from one liter of gasoline 2

The private cost for an individual of a liter of gasoline in Europe is 4.75

Explanation:

Private cost is a supplier's or producer's cost of providing goods and services without any external cost.

Private cost = 0.50 + 1 + 0.75 + 2.50

                    = 4.75

Therefore, The private cost for an individual of a liter of gasoline in Europe is 4.75

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